Louisiana Process Server Insurance Policy Information
Louisiana Process Server Insurance. In today's business and social climate, it's imperative that process servers have all the facts, but getting them is not always easy particularly in the face of legislation that has grown out of greater public focus on the issues of privacy, profiling and civil liberties. Conducting skip-traces and attorney services can be like walking a tightrope. One slip can have serious and lasting repercussions.
For such instances, having proper Louisiana process server insurance coverage specifically designed for process serving companies, or individuals, is critical. This not only protects your business, but also provides indemnity from, the acts of employees, independent contractors and others.
Louisiana process server insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
What Is The Role Of Process Servers?
Process servers are required for various tasks such as filing court papers and document retrieval. However, their principal task is delivering or "serving" legal documents to defendants or persons involved in the court case. Once they serve the legal documents, they have to deliver evidence that the documents were served.
Types Of Process Server Insurance
But before purchasing Louisiana process server insurance, it's important to speak with a qualified insurance agent. Making a mistake in your selection of coverage could prove extremely costly. Provided here is a quick guide to insurance coverages available for process servers:
Professional Liability: Even though no state requires that process servers carry professional liability (errors and omissions) insurance, that doesn't mean they shouldn't carry it. In fact it's something that many have in order to run a process service business. The liability of not having Louisiana process server insurance far outweighs the cost of having the policy.
Professional liability (E&O) protects your financial assets in case of alleged financial harm to a third party, resulting from an error or omission by the process server. Most commonly, this would occur from alleged negligence, wrongful service, missed filing deadlines, blown statute of limitations, etc.
For instance, the court documents you're to file with the Court has a mandated deadline of 4:30 pm. You arrive late at 4:35 pm due to a traffic problem. The client you are working for must now prepare documents to present to the court as well as appear in person before the court. Who pays the attorney's bill at $350.00 per hour? Your Louisiana process server insurance covers the bill.
Professional liability insurance also provides the extra reassurance that the process server is legitimate. Having insurance coverage demonstrates that the individual is organized, responsible and able to rectify an unfortunate incident.
General Liability: You need general liability insurance to provide coverage for legal hassles resulting from injuries and accidents. This Louisiana process server insurance policy protects against payments resulting from property damage, bodily injury, medical expenses, slander, libel, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Commercial Property: Business property insurance provides coverage for the loss or damage of your company's property if caused by events like wind, fire, hail storms and vandalism. The definition of "property" is broad, and includes, buildings, computers and company papers.
Business Owner's Policy (BOP): A business owner policy packages all required coverage you would need for your company. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Typically, you will save money by choosing a BOP because the bundle of Louisiana process server insurance often costs less than the total cost of all the individual coverage's.
Property insurance also provides operating funds when you're trying to get your business on track following a catastrophic loss. Some policies include coverage for your equipment if they break down, water damage, debris removal after fires and other destructive events, among other losses.
Workers Compensation: This Louisiana process server insurance protects your company against injury and illness claims by employees. If you are a sole owner and employee, with no other staff, you don't need workers comp in most states. As soon as you employ one person, even if they are working for you on a voluntary basis, the law requires you to have LA workers comp in place. This will cover medical treatment, disability and death benefits in the event an employee is injured or dies when working for you.
Cyber Liability: If you store sensitive or non-public information about employees or clients on your computers, servers or in paper files you are responsible for protecting that information. If a breach occurs either electronically or from a paper file this Louisiana process server insurance policy will provide protection against the loss.
LA Process Server Insurance
While commercial insurance is not all inclusive, LA process server insurance plans will cover most of your businesses risks.
Louisiana Economic Data, Regulations And Limits On Commercial Insurance
If you are a business-minded individual who is either thinking about starting a new business or who wants to expand an existing business by opening a division in a new state, it's important to choose a location that offers favorable conditions.
In business, it doesn't matter how high-quality the products and services you offer are, if the products and services don't appeal to the market, you likely aren't going to succeed. With that said, if you are interested in starting a business in the state of Louisiana, having a basic understanding of the economic trends is important.
It's also a good idea to know what type of insurance you'll need to carry, as certain commercial policies are compulsory in the state.
Below, we provide an overview of economic trends of the Creole State to determine if it's the right location for your operation.
Economic Trends For Business Owners In Louisiana
Unemployment rate is a good indicator of a state's economy. The lower the unemployment rate, the more advantageous the environment will be for prospective business owners. Unfortunately, the unemployment rate of Louisiana is higher than the national average; as of December, 2019, the rate was 4.9%, which was 1.5% higher than the national average of 3.5% at the same time.
Additionally, the unemployment rate has increased; it was 4.3% in July of 2019, 4.5% in October, and 4.7% in November of the same year. However, despite this, the unemployment rate has decreased in recent years, which does show promise for entrepreneurs who are thinking about starting a business in the state.
The best spots to start a business in LA are large cities and the suburban areas that surround them. The following cities have seen the most significant industrial growth:
- Baton Rouge
- Lake Charles
- New Orleans
Businesses in various industries do well in the state of Louisiana; however, there are specific sectors that are seeing substantial growth. Those industries include:
- Advanced manufacturing
- Commercial fishing
- Crude oil
- Natural gas production
- Software development
- Water management
Commercial Insurance Requirements In Louisiana
The Louisiana Department of Insurance regulates insurance in LA. Louisiana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Louisiana requires you to have worker's compensation insurance if you hire even one employee on a regular basis or must be approved for self-insurance. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Louisiana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Check Cashing
- Control of Well
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Printers & Publishers
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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Also find Louisiana insurance agents & brokers and learn about Louisiana small business insurance requirements for general liability, business property, commercial auto & workers compensation including LA business insurance costs. Call us (318) 232-4100.